Cold coffee cannibalizing cold drinks

The price of coffee is set to reach a record high by 2018, which is why coffee shops are hoarding coffee beans to meet consumer demand.

While sales of hot coffee fell by 3% due to rising summer temperatures, cold coffee market sales were up by 80% over the previous year.

It takes about 0.2 kilograms of beans to brew a gallon of hot coffee, while cold coffee takes only a pound. Production shortages in Vietnam and Brazil along with crop issues in Colombia are likely to raise prices for coffee beans this year, further fueling the trend towards cold coffee.